Essential Statistics Formulas and Concepts
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1. Probability
- P(A) = (number of favorable outcomes) / (total number of possible outcomes)
- P(A or B) = P(A) + P(B) - P(A and B)
- P(A|B) = P(A and B) / P(B)
- Expected Value = Σ(x * P(x))
2. Statistical and Practical Significance
- Statistical significance: The likelihood of getting the observed results by chance is very small (usually p < 0.05).
- Practical significance: The results are large enough to be meaningful in real-world applications.
3. Levels of Measurement
- Nominal: Categories with no order.
- Ordinal: Categories with order, but differences are not meaningful.
- Interval: Ordered categories with meaningful differences, no true zero.
- Ratio: Ordered categories with meaningful differences and a true zero.
4. Types of Sampling
- Random: Each member of the